Alliance & Leicester comments on new NatWest Graduate Package

Helen Palmer, Current Account Manager at Alliance & Leicester comments on the launch of the NatWest Graduate Package: “Whilst the new NatWest graduate package is an interesting proposition for the many students who can find themselves struggling with debt following university, it also goes to show that the Big Four have the tendency to offer benefits to this group which are not necessarily offered to the millions of young workers who make the alternative choice to head straight into work.

“Offering graduates expert advice and preferential rates is all well and good, but we believe it is also essential for banks to recognise the needs of those between the ages of 16 to 21, who make the decision to start earning straight away rather than heading to university. Alliance & Leicester is one of the few banks to design and tailor a current account for this specific group. The recent launch of our Premier 21 account offers young people in employment a huge 10% AER in-credit interest rate to help make their pay packets stretch further, as well as other benefits.

“This recent extension to our award-winning Premier current account range re-affirms our challenge to the Big Four and we are proud to have designed a highly competitive account with unrivalled rates and benefits to recognise the needs of this specific group.”

The Premier 21 Account offers:

A best–buy credit interest rate of 10% fixed for at least one year from account opening on balances of up to £1,000 (0.10% gross above this). After this, the rate reverts to Bank of England base rate less 1%.

Guaranteed minimum overdraft of £250 subject to minimum age of 18 and credit scoring

£10 ATM buffer zone giving customers emergency access to the last few pounds in their account via an ATM, even if the credit balance is below £10.

Linked PlusSaver account with 4.80% AER interest rate (3.84% net)

Visa Debit card

Easy switching service

Free mobile phone top ups via Mobile Banking

Cheque book available on request

In addition, Premier 21 customers can benefit from a dedicated ‘Recommend a Friend’ scheme. Any existing Alliance & Leicester customers who have a family member in this age group, can benefit from knowing their recommendation helps their family member get started with a £30 account opening cash incentive. Also any Premier 21 Alliance & Leicester customer who recommends Premier 21 to a friend, will earn themselves, and their friend, £15 each, per account. To find out more information, visit alliance-leicester.co.uk/currentaccounts